USA – Novocure has unveiled a comprehensive plan encompassing a series of actions to optimize its business operations in a strategic move aimed at fortifying its position for near-term growth.

These measures include a reduction of approximately 200 jobs, strategically chosen to yield an expected decrease in residual operating expenses by approximately US$60 million.

Although a challenging decision, this initiative is designed to enhance the company’s financial health and flexibility as it positions itself for future profitability.

Novocure’s primary focus remains on bolstering its global commercial infrastructure and preparing for the imminent launch of its groundbreaking therapy indicated for metastatic non-small cell lung cancer.

The company is also directing its resources towards high-potential research and development programs that promise innovative advancements in cancer treatment.

Expressing the difficulty of the decision, Novocure’s CEO, Asaf Danziger, acknowledges the personal impact on employees and their families.

In a statement, Danziger expressed gratitude for the departing employees’ hard work, emphasizing the indelible mark they have left on the lives of cancer patients.

Novocure’s Chief Financial Officer, Ashley Cordova, emphasized the importance of these decisions in prioritizing growth and maintaining the company’s financial well-being.

Cordova sees the restructuring as essential for Novocure to position itself strategically, ensuring long-term potential and mission fulfillment.

The company is actively investing in launch readiness, gearing up for the anticipated approval of Tumor Treating Fields therapy for metastatic non-small cell lung cancer.

Novocure is also on track to deliver two crucial phase 3 randomized clinical trial readouts in 2024, focusing on brain metastases from non-small cell lung cancer and locally advanced pancreatic cancer.

To further streamline its focus, Novocure has prioritized specific randomized clinical trials—TRIDENT, KEYNOTE D58, and LUNAR-2—aimed at driving maximum value in solid tumors where Tumor Treating Fields therapy has demonstrated efficacy.

While these strategic moves are expected to yield long-term benefits, Novocure anticipates one-time costs of approximately US$7 million in the fourth quarter of 2023 related to the workforce reduction.

 Despite the challenges, the company remains optimistic about the positive impact these initiatives will have on its future growth and overall mission.

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